January 1, 2011 / 6:40 PM / 8 years ago

Ajwa head to appeal Egypt financial crime convictions

CAIRO (Reuters) - The chairman of Egypt’s Ajwa Food Industries said on Saturday he would appeal against his conviction for financial crimes.

An Egyptian court sentenced Ajwa Chairman Mohamed Bin Issa Jaber Al Jaber on Thursday after the Saudi national was tried in absentia for forging documents and other crimes. He was also fined 2 million Egyptian pounds ($344,500).

“I was totally surprised and dismayed to learn ... of the Egyptian court’s trial and preliminary ruling against me, in absentia, in my capacity as chairman of Ajwa,” Jaber said in a statement issued by the firm, which supplies and distributes food and commodities.

“I strongly deny any wrongdoing in my capacity as chairman of the company, and I intend vigorously to appeal the Egyptian court’s ruling.”

The prosecution had accused Jaber of forging documents and using his position to announce false information to boost Ajwa’s shares to more than 90 pounds. The shares closed at 3.43 pounds on Thursday, down 1.4 percent on the day.

Reporting by Sherine El Madany

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